SIRA bulletin - Issue 38
Cheaper Green Slips are now guaranteed
SIRA Chief Executive Adam Dent has taken the final decision to claw back almost $91 million in insurer profits.
Under the motor accidents legislation, CTP insurers have a 28-day cooling off period to appeal the decision to recover excess profit.
Mr Dent said that the insurers’ right to appeal his decision expired on Monday 29 November 2021.
“With no insurer appealing my decision to recoup excess profit, it’s now guaranteed that NSW motorists will enjoy cheaper Green Slips in 2022,” Mr Dent said.
“My decision targets only pure profit taken by insurers, so does not affect the treatment, care or benefits of injured road users.
“Excess insurer profit will be redistributed among motorists through a 35% reduction in a levy that forms part of the cost of a Green Slip."
What's new
SIRA to remove loadings from surgical procedure fees
SIRA has announced that loadings on surgical procedure fees in the NSW workers compensation scheme will be removed from 1 July 2022. This change will bring surgical procedure fees in line with AMA rates and fees paid in the CTP scheme.
Statutory review of motor accidents completed
The statutory review of the Motor Accident Injuries Act 2017 is now complete. It found that overall the scheme is meeting its objectives while making recommendations that could extend benefits.
Quick Links
New strategy for research activities and funding
A new research strategy will focus SIRA’s research activities and funding on delivering impact for injured people and facilitating more opportunities for public participation.
Have your say: Regulatory complaints handling policy
Have your say on a draft Regulatory complaint handling policy that establishes a framework for SIRA’s management of complaints. Have your say before consultation closes on 14 December 2021.
Statement on Privium Group
With Privium Group entering into voluntary administration and surrendering its licence, impacted homeowners in NSW may be protected through the home building compensation scheme. Impacted homeowners can contact icare to make a claim or NSW Fair Trading if there is outstanding building work or funding. Read the statement.
How CTP prices are set
Have you ever wondered how CTP Green Slip prices are set? Take a look at these animations that outline the process simply. They are also available in Arabic, Cantonese, Greek, Korean, Mandarin and Vietnamese